UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 26, 2013
BERKSHIRE HILLS BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
|
0-51584 |
|
04-3510455 |
(State or Other Jurisdiction) |
|
(Commission File No.) |
|
(I.R.S. Employer |
of Incorporation) |
|
|
|
Identification No.) |
24 North Street, Pittsfield, Massachusetts |
|
01201 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrants telephone number, including area code: (413) 443-5601
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On March 26, 2013, Berkshire Hills Bancorp, Inc. (the Company) announced that its Board of Directors authorized a new stock repurchase program, pursuant to which the Company may repurchase up to 500,000 shares of the Companys common stock, which represents approximately 2.0% of the Companys issued and outstanding shares. The new stock repurchase program follows the completion of the Companys prior stock repurchase program. The timing of the purchases will depend on certain factors, including but not limited to, market conditions and prices, available funds, and alternative uses of capital. The stock repurchase program may be carried out through open-market purchases, block trades, negotiated private transactions and pursuant to a trading plan adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Any repurchased shares will be recorded as treasury shares.
The full text of the news release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Shell Company Transactions. Not applicable.
(d) Exhibits.
Exhibit No. |
|
Description |
|
|
|
99.1 |
|
News Release, dated March 26, 2013 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
|
Berkshire Hills Bancorp, Inc. | |
|
|
|
|
|
|
DATE: March 27, 2013 |
By: |
/s/ Kevin P. Riley |
|
|
Kevin P. Riley, |
|
|
Executive Vice President and Chief |
|
|
Financial Officer |
Exhibit 99.1
Berkshire Hills Announces Stock Buyback Program
Pittsfield, MA March 26, 2013 Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced that its Board of Directors approved a new stock repurchase program for up to 500,000 shares, or approximately 2% of its outstanding common stock. Berkshire also announced that it had completed the remaining authorized repurchases under its prior program, which had approximately 98,000 shares available for repurchase at year-end 2012. Under the new program, repurchases may be made from time to time through open market or privately negotiated purchases. Any repurchases will be at the Companys discretion, and will be subject to market conditions and other factors. The program will remain authorized until such time as it is completed, and it allows for repurchases pursuant to a trading plan adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
BACKGROUND
Berkshire Hills Bancorp is the parent of Berkshire Bank Americas Most Exciting Bank®. The Company has approximately $5.3 billion in assets and 75 full service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services.
# # #
CONTACT
Investor Relations Contact
Allison ORourke, Investor Relations; 413-236-3149
BHLB Berkshire Hills Bancorp |
www.berkshirebank.com |